Zhipu’s valuation now eclipses MiniMax, but looming lock-up tests may unleash volatility in Hong Kong’s AI stocks, analysts say
3-MIN READ3-MINXinmei ShenPublished: 8:30am, 9 Jun 2026When Chinese artificial intelligence developers Zhipu AI and MiniMax made their debuts on the Hong Kong stock exchange in January, investors initially saw one as a better bet than the other.Beijing-based Zhipu closed its first trading day on January 8 with a market capitalisation of HK$57.9 billion (US$7.4 billion). A day later, Shanghai-based MiniMax listed at HK$106.7 billion, almost twice as large.
Five months on, however, Zhipu – traded as Knowledge Atlas Technology – has surged ahead. At the market close on Monday, its market cap stood at HK$585.8 billion, nearly 2.7 times higher than MiniMax’s HK$159.3 billion.
The reversal, analysts said, reflected looming share unlocks, stronger AI model capabilities and investor preference for enterprise-focused businesses.
Analysts also warned the gap could widen further in the coming months, with MiniMax facing a major round of share lock-up expiries and Zhipu benefiting from advanced model capabilities and fresh liquidity from the Stock Connect programme.
